How is Rising Requirement for Advanced Healthcare System Driving Medication Management Market?

Proper coordination amongst patients and healthcare providers is a vital aspect in the healthcare industry, as its lack adversely impacts the quality of healthcare and its cost, which in turn results in the fragmentation of the healthcare information, such as medical history, billing, administrative data, diagnosis, and patient demographics. Due to the fragmentated healthcare system, various decision makers are involved in the treatment of an individual patient suffering from a particular illness. In order to deal with this, the healthcare sector is in the need for healthcare information technologies (HIT). The employment of HIT helps in improving the quality of healthcare by reducing the rational burden of practitioners, clinical decision making, and computerizing patient safety practices. Furthermore, HIT helps enhance the communication between healthcare providers and patients and, in turn, provides better, coordinated care and reduces medication errors.

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One of the solutions provided by HIT is the medication management system, which helps in compiling data related to rehabilitation, care, and medication. These systems use wireless communication solutions for heterogenous computing for the management of medicines. Trillions of bytes of data is produced through this technology as it connects various devices and sensors to the internet via mixed access networks through other technologies. 

According to a study conducted by the P&S Intelligence, the global medication management market size is predicted to generate a revenue of $4.3 billion, advancing at a CAGR of 26.1%, in the near future. Various software are deployed by this technology, including computerized physician order entry (CPOE), medication administrative software, automated dispensing system (ADS), clinical decision support system (CDSS), and inventory management. Among all these, CPOE was the most in demand during 2011–2014. The fastest growth in demand is projected to be witnessed by the category of CDSS in the coming years.

The popularity of medication management systems and software in healthcare facilities is increasing because of the technology’s advanced and innovative applications, such as electronic medication administration records facilities, automatically dispensing applications, and double-checking medication administration properties. The chances of medication errors and adverse drug effects are reduced significantly due to these applications of medication management systems. Apart from this, medication management systems and software play an important role in home healthcare settings for the medication delivery and dosage calculations. Smartphone-based self-management systems help remind patients, who are unable to remember their entire medication regimen, with real-time medication monitoring technology. Hence, due to such innovative applications of medication management systems and software, their demand is expected to increase in the near future.